Cable news and media network Fox (NASDAQ:FOXA) will be reporting earnings tomorrow morning. Here's what investors should know.

FOX met analysts' revenue expectations last quarter, reporting revenues of $4.23 billion, down 8.1% year on year. It was a very strong quarter for the company, with an impressive beat of analysts' earnings estimates.

Is FOX a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting FOX's revenue to decline 15.9% year on year to $3.44 billion, a reversal from the 18.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.96 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. FOX has missed Wall Street's revenue estimates twice over the last two years.

Looking at FOX's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Paramount delivered year-on-year revenue growth of 5.8%, meeting analysts' expectations, and Royal Caribbean reported revenues up 29.2%, topping estimates by 1.1%. Paramount traded down 7.2% following the results while Royal Caribbean was up 2.8%.

Read our full analysis of Paramount's results here and Royal Caribbean's results here.

Investors in the consumer discretionary segment have had fairly steady hands going into earnings, with share prices down 1.9% on average over the last month. FOX is up 4.3% during the same time and is heading into earnings with an average analyst price target of $38.5 (compared to the current share price of $32.56).

Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefitting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.